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Fleet raises a further $10.8M to expand its Internet of Things capacity

Adelaide-based Internet of Things provider Fleet Space Technologies has raised a further $10.8 million from global investors that will help it to accelerate the expansion of its constellation of nanosatellites.

The latest funding round includes the Li Ka-shing-backed Horizon Ventures (Spotify, Siri, Zoom, Air Wallex) and IoT-focussed Momenta Ventures. Existing investors Grok Ventures and Blackbird Ventures have also increased their funding, while the Kennard
family, whose equipment hire company Kennards Hire uses the Fleet service, were also investors in the current round.

Fleet co-founder and CEO Flavia Tata Nardini said the new funding would enable it to meet the increasing demand for global deployments of private IoT networks, powered by its constellation of nanosatellites, across industries including logistics, resources and energy, among other sectors.

“With the latest support from Momenta and Horizons, we're expanding operations to transform industries through our technology. Our unique combination of global connectivity, edge computing and myriad new data points is unlocking billions of dollars of value in mining, energy and agriculture,” she said.

Patrick Poon, director of Horizons Ventures, said 5G and nanosatellites would enable massive worldwide adoption of Internet of Things devices globally for the irst time. “We are excited to see how Fleet’s technology and constellation of satellites can become crucial to bringing the possibilities of the IoT to the far reaches of the globe,” he said.

Fleet launched its first four nanosatellites in 2018, on board missions by SpaceX, Rocket Lab and ISRO. It plans to use the new funding to launch its next generation of nanosatellites in 2020. Fleet previously raised $5 million from investors including Blackbird Ventures and Grok Ventures, alongside matched seed funding from the South Australian state government. Geoff Long, Commsday